Cuba Business News and Information
En.Rian.ru
Russia will provide Cuba with a 10-year $355 mln loan with interest at 4% per year, Russia’s prime minister said Thursday.
Mikhail Fradkov signed a Russian-Cuban intergovernmental agreement earlier Thursday.
He said the credit will be used to finance the delivery of Russian goods and services to the socialist Caribbean country in 2006-08.
Fradkov said the intergovernmental agreement identified seven areas in which the credit will be used: investment cooperation projects, modernization of Cuba’s energy sector, reconstruction of water conservation facilities and railroads, the design and delivery of air navigation systems, and the modernization of the transportation system.
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Sweet deal for Cuba.
Cuba has defaulted on billions of dollars to Russia but I guess that’s not bad credit since they can still get a 4% rate.
So, Raul and Fidel, you can’t blame the Embargo too much if Russia is financing more purchases.
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